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Risk Assessment for Fraud and AML
Three ways to put real power behind the buzzwords
by Dennis Lormel, Senior Vice President, Corporate Risk International
Benjamin Franklin famously said, “An ounce of prevention is worth a pound of cure.” We all know we should do things to live healthier lives and prevent disease. But the risk of heart disease or diabetes seems more remote the closer you get to a plate of piping hot, sinfully aromatic, chocolate chip cookies.
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A proactive approach to risk assessment
Trey Sullivan |
To honestly assess the risk your financial institution faces for money laundering and other fraudulent activity, you must look far beyond your four walls and your community. A thorough risk assessment means performing due diligence on every business partner who uses your bank. This month’s feature article explains the risk factors you should examine — and what to do if you feel that your institution is at risk.
Last month, we asked the best way to ensure your compliance program really measures up. Your responses reveal some great ways to fully utilize your internal and external resources. This month, we ask how you would inform your customers about a security breach. How much do they need to know? We need your best advice.
To keep this newsletter’s material relevant to you, we invite you to become actively involved. Please send ideas for articles you’d like to see, and let us know if the topics being covered are relevant to the issues your institution faces. Take our brief reader survey, and you’ll be registered to win an Apple iPod™.
If you would like to unsubscribe from this newsletter, please click on link at the bottom of the page.
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Complete our 1-minute reader survey and you could win
an Apple iPod™. |
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GLBA, FDIC & FFIEC: Preparing For Your Security Review & Risk Assessment
The Gramm-Leach-Bliley Act (GLBA), FFIEC and FDIC all provide guidelines that establish administrative, technical and physical safeguards to protect the privacy of customers’ nonpublic personal information. This seminar, which focuses on FFIEC’s final guidelines (12CFR Part 30), will help your organization understand the specific compliance requirements on financial service companies, how to assess your current state of readiness and how a comprehensive security risk assessment can reduce risks associated with compromised environments and help build a compliance blueprint for your organization.
Date:
October 18, 2006
Time: 3 – 4 pm EDT
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for this complimentary Webinar today. |
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Last Issue's Dilemma:
Does your compliance program measure up?
Every year, we do a comprehensive
review of our compliance program. We re-do our risk assessment and then build a
compliance program that reflects that risk and follows any new federal
regulations.
Of course, every bank does this.
What I’m wondering is, how can you be really sure that your review is accurate?
I sometimes feel like I know my own bank and our procedures too well to be
objective.
What is your best advice? Do
other banks use objective or independent sources to verify their compliance
programs? Or do you trust your knowledge of your bank and the regulations?
— Marcia Carlson, Compliance Officer
Read the best advice from readers
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This Issue's Dilemma:
How honest should we be about identity theft?
Identity theft has happened to us. Several of our customers were victims through their debit cards. Our debit card partner traced the source of the identity theft to our database. We have thoroughly overhauled our IT security in light of this breach. We have also re-evaluated our risk for future attacks.
What I’m wondering is: Could we use this horrible event as an opportunity to teach customers about their responsibility to reduce risk? Or should we not broadcast our mistakes and risk losing customers?
How much should we communicate about this theft to our customers?
— Vicki Gray, Compliance Officer
Can You Help?
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Fraud and AML
Monitoring: Stay ahead of the bad guys |
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Change Management:
Survive and thrive |
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Government
Regulations: Keep up with your changing environment |
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"The helpful staff at InternetVIZ keeps our newsletter on track, and enables us to bring valuable information
to our most important constituents—our customers."
- Trey Sullivan, CEO, ATTUS Technologies
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Copyright © 2006 InternetVIZ. All rights reserved.
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